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Buy Card Reconciliation

All transactions that are paid using the Buy Card (or P-Card) as the method of payment must be reconciled within the PeopleSoft FMS system. Each Buy Card is coded to have a primary (or default) account code to which purchases will be expensed if the transactions are not reconciled. Typically, this default account will not be a sponsored project account. Therefore, if the expenses should be paid with sponsored project funds, the reconciliation process should take place prior to the Buy Card bill being paid.

The Buy Card bills are paid monthly. There is a “reconcile all” process that is automatically run by the system that forces the status of purchases to be changed from “unreconciled” to “reconciled” so that the payment can be made. This forces the purchase to be expensed to the default account. The “reconcile all” process occurs on the 18th of each month, so it is important that all Buy Card purchases are reviewed and reconciled before that date in order that they be expensed to the appropriate account.

If Buy Card purchases are not expensed to the appropriate account, they will have to be transferred to the appropriate account after-the-fact. HOOP 96 (Cost Transfers) provides specific information on transferring such expenses. The most important thing to keep in mind is that there is a time limit for when costs can be transferred on to sponsored project accounts. The costs must be transferred within 60 calendar days from the end of the month in which the original expense was incurred. Otherwise, the costs can only be transferred to a departmental or “All Other” account. Further, cost transfers cannot cross fiscal years.